Any deals that emerge from the talks would mark the first time Korean insurance companies have entered the Indian insurance sector.
The interest comes as India has opened its insurance sector to full foreign ownership and follows a wave of major cross-border deals in the financial sector.
Korean companies have been actively investing in a number of sectors in India, particularly in the automotive and electronics sectors. Last year, Hyundai Motors and LG Electronics listed their Indian units in local markets.
Any deals that emerge from the talks would mark the first time Korean insurance companies have entered the Indian insurance sector.
The sources familiar with the discussions said representatives of the three Korean companies have met Indian insurers, market advisers and the regulator, the Insurance Regulatory and Development Authority of India (IRDAI), in recent months to assess ways to enter the market.
The talks are exploratory and no formal proposals have been made so far, they said. They requested anonymity because the discussions are private.
Hyundai Marine & Fire, South Korea’s second-largest non-life insurer, said Reuters There was no intention to enter India immediately, but took a ‘measured approach’ and assessed options. It recently closed its liaison office in India.
“From a medium to long-term perspective, we remain open to exploring some form of market entry when appropriate,” a company spokesperson said.
Samsung Fire & Marine Insurance, Samsung’s non-life insurance arm, has “made no official plans or decisions regarding entry into the Indian insurance market,” a company spokesperson said.
Mirae Asset Financial Group and India’s insurance regulator did not respond to emails seeking comment.
Samsung and Hyundai Marine & Fire are interested in potentially entering the non-life insurance sector, the first source said, while Mirae Asset Financial Group focuses on life insurance.
Samsung sells general insurance such as car, property damage and liability insurance throughout Asia.
Seoul-based Hyundai Marine & Fire Insurance focuses on insurance for businesses, as well as health and auto coverage.
Mirae Asset, which already owns a mutual fund business in India, specializes in life insurance, variable annuities and retirement products in South Korea.
Insurance issues in India
Insurance penetration in India, measured by total insurance premiums written in a year, was about 3.7 percent of GDP in 2024, well below the global average, leaving room for growth.
The Indian insurance industry has high commissions compared to international standards and weak profitability compared to global peers.
Profit margins also remain well below those of multinational insurers in Asia, according to a report by Mckinsey and Co.
The discussions come as insurers prepare for long-pending reforms under a new law that gives the regulator legislative powers to set commission limits and order the payout of illicit profits.
“Both organic and inorganic routes are possible for all three companies,” the first source said.
India has around 60 insurers, with global insurers such as Prudential Plc, Sun Life Financial and AIG currently operating through joint ventures with local companies.
Reuters reported last week that global reinsurers including Samsung Re and Korean Re are also looking to expand their presence in India through Gujarat International Finance Tec-City (GIFT City), a special economic zone.
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Published on February 6, 2026
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